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News, Reports, Analysis

Despite the fact that the evening numbers on the oil reserves in the US were below the morning forecasts of API, we assume that at the back of a number of long-term positive factors, the oil prices might continue upping. We expect the Brent oil quotes to reach the range of 55-60 USD per bbl in the nearest outlook. The Fed session results might form a strong driver tomorrow. News, important for the Russian market, might come from the results of government hearing the budget draft for 2016.
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The FTSE 100 is called to open slightly higher this morning but investor sentiment is likely to be cautious following the mixed performances on Wall Street and in Asia. Overnight we had domestic economic data from the RICS showing that the UK house price balance fell to +44 in September from +53 in August which was below forecast. The economic diary today also sees the Bank of England MPC interest rate decision announcement , the release of the latest US weekly jobless claims and this evening at 7.00pm a speech from the Bank of England Governor Mark Carney and the publication of the FOMC meeting minutes as well. Commodity prices are lower and on the foreign exchanges, the pound is slightly weaker against both the dollar and the euro but all the key currencies are within narrow trading ranges ahead of the Bank of England statement and Mark Carney's speech and US data announcements.
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European equities are set to start flat this morning as traders struggle for direction. Yesterday was a mixed day for Europe, what with the DAX higher, the CAC flat and the FTSE lower. Overnight hasn’t provided any clarity both though as the US had a strong session with respectable gains whilst Asian markets have erased early gains and are now heading south. With the recent rally built on the assumption that the world’s central banks will help out with some more loose monetary policy, with the BoE and Fed releasing the minutes from their last meeting and an ECB meeting today, we could be about to find out that the bulls rally has been built on sand.
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- Benchmark share indices hit their highest level in over six weeks led by commodity shares tracking a recovery in global crude oil prices while beaten down metal shares surged amid value buying and short covering at lower levels.

The 30-share Sensex ended up 103 points to end above 27,000 at 27,036 for the first time since August 21, 2015 and the 50-share Nifty ended up 25 points at 8,177. In the broader market, BSE MidCap and SmallCap indices ended up 0.1-0.4%.
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- According to AllianceDBS Research, MKH’s strong foothold in Kajang and Semenyih makes it the largest beneficiary of the improved public transport connectivity via two mass rapid transit (MRT) stations within Kajang, which has also boosted its property sales.

- The group said the advantage of low land cost within the growing Kajang/Semenyih corridor, giving it pricing flexibility. Record unbilled sales stood at RM855 million, 1.2 times of its FY16 property revenue.
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CDL Hospitality Trusts announced the official opening of Claymore Connect (formerly known as Orchard Hotel Shopping Arcade) following a comprehensive asset enhancement exercise which started in 2013.

The enhancement exercise has increased the mall’s net lettable area by about 10,000 square feet to approximately 54,000 square feet. Given the increasing number of residential developments along Orchard Road, the refreshed mall is well-poised to plug a gap in family-friendly malls.
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Indian markets are expected to open in negative tracking the SGX Nifty and the Asian cues.

U.S. stocks fluctuated over the course of the trading session on Wednesday but largely managed to maintain a positive bias on the day. Market were positive on Wall Street was partly in reaction to strength in the overseas markets, as stocks in Asia and Europe moved mostly higher. Trading activity was somewhat subdued, however, as traders seemed somewhat reluctant to make any significant moves amid a lack of major U.S. economic data.
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A study released on Tuesday, by two non-profit groups - Citizens for Tax Justice and the U.S. Public Interest Research Group Education Fund - shows that 500 of the largest American corporations hold over $2.1 trillion in accumulated profits offshore, to avoid U.S. taxes. Of the firms, 30 alone account for $1.4 trillion or 65% of the total accumulated profits. The study showed that between 2008 and 2014, the amount of offshore cash holdings for American multinationals doubled.

The study said, "For many companies, increasing profits held offshore does not mean building factories abroad, selling more products to foreign customers, or doing any additional real business activity in other countries. Instead, many companies use accounting tricks to disguise their profits as 'foreign,' and book them to a subsidiary in a tax haven to avoid taxes."
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The FTSE 100 is called to open higher this morning despite the mixed overnight performances on Wall Street and in Asia, but investor sentiment may remain cautious ahead of the main economic event of today which is the release of the US non-farm payrolls data due out at lunchtime UK time. Commodity prices are flat to lower and on the foreign exchanges, the pound is slightly higher against both the dollar and the euro but all the major currencies are range bound ahead of the US jobs report.
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- Top Glove Corporation is looking to expand aggressively through mergers and acquisitions, with hopes to conclude a deal within a year. According to the firm, it is talking to three or four rubber glove-related companies in Malaysia and Thailand.

- The group which sits on a cash pile of RM200 million, has said that it will be able to come up with RM1 billion to RM2 billion more for the acquisition.
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Aspial Corporation has announced the acquisition of 27 million ordinary shares, representing 90 percent of the issued and paid-up share capital of World Class Global from its subsidiary, World Class Land, for a total consideration of approximately $14.4 million.
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Number 1 U.S. automaker, General Motors Company (GM - NYSE), announced on Thursday that the company is targeting an increase in earnings per share to between $5 and $5.50 per share before items, for 2015. During 2014 before items, GM earned $3.05 per share. The Detroit-based automaker reported a 12% rise in U.S. September sales.

For the year, GM said it will have revenue of $155 billion, global margins of 6.8% and a 24% return on invested capital. With operating efficiencies in manufacturing, administration and purchasing paying for investments in technology and brand development, the automaker reportedly will save about $5.5 billion in the next three years. Through 2018, savings will "more than offset" the technology and brand investments, GM said. By 2020, GM expects $9 billion to $10 billion of annual free cash flow.
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US futures were up very modestly earlier today, but the gains evaporated quickly in thin trading after the open. There was a degree of cognitive dissonance as investors saw another very strong month for US auto sales even as the ISM manufacturing index slipped closer to flatlining. As of writing, the DJIA is down 0.63%, S&P500 has given up 0.43% and the Nasdaq is off 0.67%, weighed down by tech losses.

The September ISM manufacturing reading brought the index closer to contraction, sinking to 50.2 from 51.1, with the new orders index dropping to 50.1 and prices paid falling to 38.0. Survey respondents cited concerns about the global economy and consumer confidence for the continuing declines. The continuing claims reading of 2.19 million marked a freash cycle low for the series, passing the prior low of 2.204 million seen four months ago.
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The FTSE 100 is called to open higher this morning following the performances on Wall Street and in Asia although in the latter, China and Hong Kong are shut for bank holidays. Overnight we had economic data out of China showing that the official manufacturing PMI came in slightly above forecast at 49.8, but still below the key 50 level expansion mark with the non-manufacturing PMI reading at 53.4, however the Caixin final manufacturing PMI remained unchanged at 47.2 and its services PMI was below forecast at 50.5. The economic diary today also sees the release of domestic manufacturing PMI, FPC meeting minutes followed by the latest US weekly jobless claims and the US ISM manufacturing PMI in the afternoon. Commodity prices are mixed and on the foreign exchanges, the pound is slightly higher against both the dollar and the euro but all the key currencies are trading within narrow ranges ahead of these data releases.
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Base metals on the LME traded higher yesterday as bearish investors closed out positions at the quarter-end and ahead of Chinese holidays. Further, sharp rebound in shares of hard-hit commodity group Glencore supported the base metals pack.

Nickel gained the most yesterday by 4.6 percent and touched $US10400 a tonne levels, the strongest since September 11.
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On Wednesday, WTI oil prices declined by 0.3 percent to close at $45.1 per barrel after data showing a surge in domestic inventories while Brent oil rose on worries about Russian airstrikes in Syria. For the quarter, both Brent and U.S. crude were down 24 percent for their sharpest decline since the end of 2014.

Oil prices were broadly boosted in early trade by concern about a hurricane threatening energy infrastructure on the U.S. East Coast. Warplanes from Russia carried out air strikes against Islamic State targets in Syria, feeding worries about growing war in the Middle East.
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Spot gold prices declined by 1.11 percent on Wednesday to close at $1114.6 per ounce as prices recorded its biggest quarterly loss in a year. U.S. jobs data came in stronger than expected and the market awaited clarity on the timing of a hotly anticipated U.S. interest rate rise.

That capped off gold's worst quarter since the third quarter of 2014, having fallen nearly 5 percent since July. It was its fifth successive quarter of losses, the longest such streak since 1997.
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European equities are set to start with gains this morning as the weak economic data continues to roll in thick and fast around the globe. It looks like the logic of bad news is good is here again and the bulls are naturally sniffing some more loose central bank policy. All this recent chatter that has been seeping into the mainstream media about negative interest rates looks like it’s gotten traders thinking it’s a real possibility.

Stocks across Europe and U.S rallied on Wednesday following on from a strong session in Asia overnight. The rally also marked the last trading day for Q3 2015 which saw the biggest quarterly loss in four years. The Dow Jones rallied 234 during yesterday’s session to close as 16,284.
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- Benchmark Indices gained for the second consecutive session after higher-than-expected repo rate cut by 50bps by the Reserve Bank of India on Tuesday while a strong rally in the global markets also boosted sentiment.

The 30-share Sensex ended higher by 376 points or 1.4% at 26,155 and the 50-share Nifty settled at 7,949 levels, up by 105 points or 1.3%. In the broader market, the BSE MidCap index ended with 1.7% gains and the SmallCap index ended up by 1%.

- Sun Pharmaceutical Industries closed 2.12% up at Rs 868.45 on BSE after the company said it has commenced a tender offer through its indirect wholly owned subsidiary, for acquisition of all of the outstanding shares of InSite Vision.
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- TA Global posted a net loss of RM12.6 million for the second quarter ended 31 July 2015 (2Q16) , a stark difference to the RM21.2 million net profit recorded in 2Q15. Turnover for the quarter declined 47.1 percent to RM114.3 million.

- Top line was affected by lower hotel revenue due to refurbishment works as well as the absence of loan recovery income, while the overall performance was dragged down by foreign exchange loss on Singapore dollar and Canadian dollar denominated borrowings, as a result of the weakening Malaysian ringgit, in the investment holding segment.
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IEV Holdings has announced that its wholly-owned subsidiary, IEV International, has obtained an exclusive 5-year master license for the Oxifree corrosion control technology (Oxifree) in India.

This marks the fifth country in Asia for which the group has acquired the exclusive rights to distribute, apply and maintain products utilizing the technology, after Vietnam, Malaysia, Brunei and Indonesia.
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